Now it can be revealed: Tang Shing-bor, a prodigious retail shop acquirer worth US$2 billion, bought the ex-Wellcome site last year and kicked the supermarket out. “Uncle Bor”, who is 84, purchased the 28,435 sq. ft property for $450 million. SAI KUNG BUZZ understands he has promised the site, which rents for $752,000 a month, to ParknShop. The latter’s headquarters at Fo Tan refuses to confirm this. Its public no-relations department fobs the media off.
“Uncle Bor’s” net worth of US$2 billion is a Forbes estimate. Once a billboard technician, he is now an inveterate property deal maker, buying and selling almost weekly, and Hong Kong’s 40th richest person. When the Government started gentrifying industrial areas, Bor saw opportunity acquiring factory buildings, shopping malls and hotels.
His latest acquisition in Sai King, the Four Seas eFood Building in Hong Ting Road for $250 million, was reported by BUZZ last week.
Recently he also bought Bayview Properties in Tsuen Wan for $330 million. Stan, one of Bor’s five sons, is emulating Dad. He is chief executive of 11 companies, including Tang’s Living Group which has spent $10 billion buying 14 hotels recently and plans an initial public offering. Bor and Stan, 32, have raised $5 billion for two real estate funds that are raiding any properties where they think they can squeeze out value.
In 2012 the Tangs listed their firm ETS Group on Hong Kong’s GEM market. GEM, home to the world’s wildest price swings, is also known as “Disneyland for speculators”. ETS says it provides multi-media services to various business sectors. Both Bor and Stan are listed as directors. Six years after the IPO there is zero trading of ETS shares on GEM, according to the latest report. The last price given is 83c, market capitalisation is $232 million and the price-earnings ratio is 207 (Bloomberg). First half results for 2017 reported by ETS gave revenues at $73.4 million and profits of $1.4 million. What’s really going on? Only the Tangs and their cohorts know, but shell companies on GEM sell for as much as $350 million because they can be stepping stones to the main board.
It can now be confirmed as a new Fusion; this notice appeared earlier. That raises the question of whether Fusion in Centro will be closed, and shoppers will again be at the mercy of the atrocious Wilson Parking.